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Apple revenue increases amid COVID-19 pandemic
11-05-2020 16:13
Apple revenue increases amid COVID-19 pandemic
Apple revenue increases amid COVID-19 pandemic

Apple, the American tech giant, has surprised Wall Street once again. In the midst of the coronavirus pandemic, the company’s fiscal second-quarter sales came in at $58.3 billion beating economists’ estimates. Thus, Apple has proved that a successful business model can generate profit even in difficult pandemic circumstances. “Despite COVID-19’s unprecedented global impact, we’re proud to report that Apple grew for the quarter, driven by an all-time record in Services and a quarterly record for Wearables,” said Tim Cook, Apple’s CEO. Currently, all Apple retail stores are closed other than those in China and the only store in South Korea. However, the manufacturer manages not only to stay afloat, but also to increase profit even amid the coronavirus crisis. Despite a noticeable decline in iPhone sales by almost 7% year on year, the company’s revenue from services, such as iCloud, Apple Music, etc., soared by 16%. Moreover, earnings from selling wearables, including  AirPods and Apple Watch, surged as well. The company expects to return to the pre-crisis levels. It has already announced the new $299 iPad Pro, the $999 MacBook Air, and iPhone SE priced at $399.

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